I am extremely honored to serve as the next President of the Placer County Association of REALTORS. I am incredibly thankful to have the guidance of the amazing past PCAR Presidents, leadership, staff and all those who have helped to…Read More

Gloria Doze was honored with the 2017 Honorary Member of the Year award at this years Board of Directors Installation. The Honorary Membership is an award given to a member of the Placer County Association of REALTORS who has been a member…Read More

Kim Tucker was honored with the 2017 REALTOR of the Year award at this year's Board of Directors Installation. The REALTOR of the Year award is the highest honor given to a REALTOR member of the Placer County Association of REALTORS.…Read More

Dan Morasci was honored with the 2017 Affiliate of the Year award at this years Board of Directors Installation. The Affiliate of the Year award is the highest honor given to an Affiliate member of the Placer County Association of REALTORS. The…Read More

Why should you support the REALTOR Action Fund? How do your RAF contributions make a difference? Who advocates on your behalf? Watch this video to find out how your RAF contributions are used locally, statewide and nationally...
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Did you know that in the past 5 years PCAR REALTORS have donated a total of $212,750.00 to local charities? PCAR REALTORS not only work in Placer County, they give back by volunteering their time, resources and money. For more…Read More

PCAR members show their true colors once again! Because of your incredible generosity, 40 children in Placer County will be able to open some incredible presents on Christmas morning! Thank you for all of your continued support and desire to…Read More

This week we have a Rocklin meeting tomorrow, Tuesday, December 12th - 8:30 a.m. -PCAR Conference Ctr, and an Auburn meeting…Read More

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Undisclosed Short Sale Payments May be Illegal

19Mar2010

Undisclosed payments in short sale transactions, especially those paid outside of escrow, may violate the law, including RESPA, laws against loan fraud, and licensing laws. Short sale agents have increasingly reported to C.A.R. about requests for agents and their clients to pay junior lienholders and others, oftentimes outside of escrow.
One common scenario is when a short sale seller’s senior lender authorizes a payment of $3,000, for example, to extinguish a junior lien, but the junior lender demands that the buyer pays an additional $9,000 outside of escrow. Not only would it be risky for a buyer to pay outside of escrow, but concealing this additional payment from a federally-insured senior lender may constitute loan fraud, which is a crime punishable by 30 years imprisonment plus a $1 million fine (18 U.S.C. section 1014). Furthermore, omitting from the HUD-1 Statement any charges paid at settlement by either a buyer or seller may violate the Real Estate Settlement Procedures Act (RESPA) (Appendix A to 24 C.F.R. Part 3500). Depending on the specific circumstances, carrying out these payment requests may also violate other laws and regulations, and an agent’s participation in the scheme may be subject to license revocation by the Department of Real Estate or other disciplinary action.
Agents and their clients are encouraged to file any complaints regarding fraudulent activities to the proper authorities, including the following agencies:

CALHFA ANNOUNCES $700 MILLION TO ASSIST HOMEOWNERS

08Mar2010

The U.S. Treasury has allocated $699.6 million to CalHFA to help low and moderate income borrowers who have been hit hardest by unemployment and falling home values. These funds will be used for innovative programs to help stabilize the housing market.
The HFA Hardest-Hit Fund was designed to allow the maximum possible flexibility to Housing Finance Agencies in designing locally-focused programs that address the needs of a specific state or region within a state. All programs must have foreclosure prevention and housing market stability as their primary objectives.
CalHFA’s proposal, along with proposals from the four other states selected (Arizona, Nevada, Florida and Michigan) is due by April 16, 2010. The Treasury will then review each proposal for compliance with program objectives and other requirements. The Treasury expects that CalHFA may be in the position to begin drawing down funds within four to six weeks following submission of proposals, or mid-year.
More info: http://www.calhfa.ca.gov/about/publications/press-releases/